In an effort to tackle rising inflation, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to Twenty-four point seven five per cent from twenty-two point seven five percent.
The CBN Governor, Olayemi Cardoso, disclosed this on Tuesday at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja.
The bank retained the Cash Reserve Ratio at forty-five per cent.
The Apex bank boss said the move was to ensure that the country’s rising inflation rate which stood at thirty-one point seven per cent in February, was moderated.
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